Epstein Secrets

an 4 UK New Zealand 5 Australia Canada 5 Canada Canada 6 Canada Netherlands 6 New Zealand Estonia 7 Switzerland New Zealand 7 Australia Australia 8 ; Belgium 8 Austria Netherlands 9 Belgium Australia 9 Ireland Germany 10 France Germany 10 Sweden Switzerland 11 Austria Estonia 1 Czech Republic UK 12 Denmark

4 3 3 SAP 500MKtCap (ST) $5 _-$6_—$8_$10_$12_$12_ $10 $8_$10 Sit _$i1 S13 sis se $10 $11 (@E) www.kpcb.com Note: 2010 data as of 12/31/10. Source: FactSet, Bloomberg. USA Inc. | What Might a Turnaround Expert Consider? 370 HOUSE_OVERSIGHT_021026 But USA Inc. Has Steadily Scaled Back Investment in Tech

America as of 2010) rose to 4.8% of GM’s annual expenses and $4,679 in annual pension payments per worker to former workers. Source: General Motors, FactSet, DataStream, History News Network. www.kpcb.com USA Inc. | Consequences of Inaction 432 HOUSE_OVERSIGHT_021057 Comparing GM & USA, Inc... General

/capex drag and strength in housing to support U.S. growth in 2016. Source: Deutsche Bank Wealth Management. Deutsche Bank Wealth Management 3 Belgium Manufacturing Survey Consumer Sentiment PMI Manufacturing/Services Cement Output Average Real Earnings Housing Prices Consumer Confidence Ret

emium collapsing. — As a result, the U.S. has been outperforming the emerging markets. Footnotes: Data as of 3Q15. Source: Bloomberg Finance LP, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management Footnotes: Data as of December 31, 2015. Source: FactSet, Deutsche Bank Wealth

et revisions, in %; MSCI Europe) 30% 20% 10% 0% -10% -20% -30% -40% -50% -60% Jun.05 Jun.06 Jun.07 Jun.0&8 Jun.09 Jun.10 Jun.11 Jun.12 Source: FactSet, UBS CIO, as of 27 June 2012 Note: Past performance is no indication for future returns. 21 Please see important disclaimer and disclosures at the

is general information only and does not take into account any person’s investment objectives, financial and taxation situation or particular needs. Belgium: This publication is not intended to constitute a public offering or a comparable solicitation under Belgian law, but might be made available for inf

ith problems in Greece, Portugal and Ireland, if you include Spain, it gets tight (note: the chart excludes costs to recapitalize banks). If Italy or Belgium entered Europe’s Liquidity Hospital, a lot more money might be needed from European parliaments (in one worst-case scenario, Alliance Bernstein estim

ions (1925) 1991) transtfar union 1998 20000 anne 2004 2006 2008 anid Source: Carl-Ludwig Holtirerich, Hallelnstitute for Economic Research, Source: Factset, MSCL Zentrum fur Europaische Politik (Freiburg), J.P. Morgan Private Bank. Bottom line. At atime when European equities are trading close to 2009

ith problems in Greece, Portugal and Ireland, if you include Spain, it gets tight (note: the chart excludes costs to recapitalize banks). If Italy or Belgium entered Europe’s Liquidity Hospital, a lot more money might be needed from European parliaments Limited capacity at the European Liquidity Hospital

tions (1929) 1991) transfer union 1998 2000 2002 9004 2006 2008 2010 Source: Carl-Ludwig Holtfrerich, Halle Institute for Economic Research, Source: Factset, MSC. Zentrum fur Europaische Politik (Freiburg), J.P. Morgan Private Bank. Bottom line. At a time when European equities are trading close to 2009